Good for Business, Latvia, Lithuania, Markets and Companies, Real Estate

Civinity now owns five real estate managing companies in Latvia and is the largest player on the private housing administration market.

"We are actively expanding our operations in Latvia as we see the great potential of its market. The country has an attractive geographic location and the mentality of its population is understandable to us. ‘Due to the right competitive environment, we see possibilities to provide high-quality commercial and residential buildings administration services as we have considerable experience not only on the local but also the international market," says the CEO of Civinity Vitoldas Sapoznikovas.

Acquired Labo Namu Agentura administers 146,000 square meters of commercial and residential space. Once the acquisition is finalized, Civinity group companies will be overseeing over 2.3 mln square meters of property space. Civinity is the largest private group of companies providing building maintenance and administration services in Latvia.

According to Sapoznikovas, Civinity continues private companies consolidation through this acquisition. Currently Civinity owns Hausmaster, CS Komercserviss, Jurmalas Namsaimnieks, HomeMaster as well as recently acquired Labo Namu Agentura.

"We have been operating on the housing and commercial property administration market for 26 years and started our operations in Latvia in 2014. Our best corporate practices and implemented business processes will allow for process optimization in the newly acquired company. Companies within our group differ in their structure, technologies used and management solutions, so by optimizing operations we aim to invest in the improvement of service quality, strengthening of the customer service center and eventually become one of the strongest players on the housing administration market in all of the Baltic States," states Sapoznikovas.

According to the CEO, establishing operations in Latvia is one of the main strategic goals of the group. Therefore, they will continue to look out for favorable business opportunities in the areas of private, public and commercial buildings administration.

Civinity group currently owns eight housing administration companies in Lithuania, and five in Latvia. Overall property space managed by the group exceeds five million square meters.

In Lithuania the group owns Vilnius-based housing administration companies Senamiescio Ukis and Ozo Miestas, Kaunas-based Busto Valda, Klaipeda-based Debreceno Valda, Viltes Valdos and Klaipedos Bendrabutis, Palanga-based Palangos Butu Ukis and Kretinga-based Kretingos Bustas.

Labo Namu Agentura belonged to Status Invest company, according to Firmas.lv business database. In 2016, the company posted EUR 3.127 mln in sales and earned EUR 122,295 in profit.